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Dogecoin (DOGE)
What is Dogecoin?
Dogecoin (DOGE) is an open-source cryptocurrency. Created as a joke of a meme with the image of a Shiba Inu dog on its logo, Dogecoin was launched for the first time in December 2013.
It is rapidly gaining popularity due to its remarkable features. Dogecoin uses a scrypt algorithm, containing its low price and unlimited supply. Interestingly, this coin was built to spread goodwill and fun throughout the crypto community.
The open-source protocol is a fork of the luckycoin blockchain, which means that the original dogecoin developers created a copy of the luckycoin source code and modified that source code according to their own preferences. Luckycoin is a fork of litecoin, which is itself a fork of bitcoin.
How does Dogecoin work?
Much of Dogecoin’s coding is a direct copy of Bitcoin's. Billy Marcus (one of the founders of the coin) said that he used the combination "ctrl + f" to scroll through the Bitcoin code and thus replaced all Bitcoin cases with Dogecoin. He also changed the term “mining” to “digging”.
Like bitcoin, dogecoin is а decentralized peer-to-peer, open-source network that utilizes a proof-of-work consensus algorithm. The network relies on miners for two actions: to secure the network from malicious users and to validate transactions. Unlike bitcoin, dogecoin uses the scrypt mining algorithm, which has lower hash-rates and uses less energy than bitcoin’s SHA-256 mining algorithm.
Benefits of Dogecoin
- faster confirmation times
- lower transaction fees
- lower value which helps in tipping and gaming currency
- friendly community
- devoted community
How to buy Dogecoin?
- Create an account
- Verify your identity
- Fund your account and start trading Dogecoin on X1
What to do after buying Dogecoin?
- Store/Hold Dоgecoin
You can safely store your DOGE in your account or your crypto wallet. If you seek to make a major investment in DOGE a hardware wallet is the best option.
- Trade Dogecoin
You can trade DOGE for other cryptocurrencies.
- Send Dogecoin
You can send it to anyone and anywhere with their DOGE address.